Universal Display Corporation (ticker: PANL) is one of a handful of publicly traded startups independently developing OLED technology for the flat panel display market [others are Applied Films (ticker: AFCO), Cambridge Display Technology (ticker: OLED), and eMagin (ticker: EMA)]. OLED promises superbright, flexible and cheap displays for a full range of consumer electronics applications [list of current OLED products].
UDC reported 3Q05 revenues of $3.4 million (3Q04: $1.7 million) and a net loss of $3 million (3Q04: net loss $3.8 million). The $0.10/share net loss beat all three analysts' estimates by $0.03. In 2005, the company is managing to ramp revenues enough to allow R&D growth, while simultaneously pinching losses on a sequential basis.
In a conference call, UDC COO Steve Abramson commented on advances in active-matrix OLED from the larger Japanese manufacturers:
In October, we had our first tradeshow booth outside the US in Yokohama, Japan at FPD, the Flat Panel Display Conference… there were a number of companies exhibiting full-color, active-matrix OLED displays.
Samsung SDI was on one side and Samsung Electronics on the other, and they had their OLED displays across the aisle. You could barely walk through the aisle; the traffic was so heavy. Samsung SDI shared a number of cell phone-sized displays as well as a beautiful 17-inch OLED display. Signs under the cell phone displays noted that manufacturing would begin in 2006.
On the other side of the aisle, Samsung Electronics showed their 40-inch, small-molecule OLED television prototype, which looked absolutely fabulous. It was positioned next to a 32-inch LCD TV, and the OLED looked much better than the LCD.
AU Optronics also showed a number of beautiful cell phone-sized displays, which was about between 2 and 3 inches diagonal. TMD, Toshiba Matsushita Displays, showed a number of 3.5-inch OLED displays for potable video applications.
Pioneer had an entire exhibit dedicated to active-matrix OLED, and the area in front of their exhibit was packed… It looks like active-matrix OLED should soon be in the market.
(Quotes are from the CCBN StreetEvents transcript.)
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